We have assigned our 'A-/A-2' sovereign credit ratings on Curaçao, reflecting its stable democratic government within the Kingdom of the Netherlands, its prosperous economy, and its strong government balance sheet. The stable outlook on the new issuer ratings on Curaçao reflects our expectation that Curaçao will maintain-- and potentially strengthen-- its improved government balance sheet as a result of recent debt relief by the Dutch government. External imbalances, which we believe will be difficult to reduce if the global economic outlook deteriorates, offset these improvements. (Watch the related CreditMatters TV segment titled, "Aruba And Curacao: What Prompted Standard&Poor's Recent Rating Actions," dated Nov. 23, 2011.) On Nov. 21, 2011, Standard&Poor's Ratings Services assigned its 'A-' long-term
